Terra Uranium (ASX:T92) said it will discontinue its proposed acquisition of the Lake Amer uranium project in Canada, after it was unable to procure the execution of a definitive agreement with the vendor, according to a Tuesday Australian bourse filing.

The firm will seek reimbursement from the vendor for the sums it has expended on, or in connection with, the project, the filing said.

It had sought to negotiate, execute, and perform its obligations under a long-form acquisition agreement and ancillary arrangements since March 2024, per the filing.

Its shares jumped 20% on market close.